Question 1: Explain why the following statement should hold: Əv(p, w) Əv(p, w) Opi Әрк = 0 for any good k only if #0 for good i where pk. Pi » 0
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Q: Q^d= 9.5 - 2p Q^s= 0.6p Tax. Suppose that the government imposes a tax equal to T = 0.50 which must…
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- 1 explain the role of ceteris paribus in economic analysisthis is answers optimal level 43 bert 4 dolars and emily 7 dolars Please explainFigure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows the different combinations of goods which can be produced if all resources are fully and efficiently utilised. The economy can produce at any point on the line. It cannot produce at G because the PPF shows the maximum that can be produced. It can produce within the PPF,05 such as at F, but less will be produced than the maximum possible. Non-manufactured goods 50 40 30 20 10 0 A 10 B Ti C 20 30 Manufactured goods G D E 40
- The efficiency factor Select one: O ameans resources are used in the least costly way (productive efficiency O b. Means an achieving productive efficlency cmeans resources are used to produce the mix of products most wanted by society dA and A|| of the aboveEconomics 3. Consider the consumer optimization problem max a In(x) + Bln(y) subject to Pza + Pyy 0. (a) Write the Lagrangean for the problem noting that the non-negativity con- straint cannot bind since a, y > 0 and write the Kuhn-Tucker conditions for the problem. (b) Argue that the budget constraint is binding and solve the problem. (c) Add a third good z to the model so that the new problem becomes: max a In(r + 2) +3 In(y+2) subject to Pza + Pyy + P:z 0 and y > 0. (d) Is it possible to have at optimum r > 0, y > 0, z > 0? (e) When is z = 0 at optimum?Economics Question
- You produce quesadillas (Q) with beef (B) and cheese (C). The production process is as so: Q = 40B - 1.5B² +50C - 1.5C² The price of beef is $4 per box, and the price of cheese is $5 per box. The boxes are the same size and you only have room for 9 boxes in your freezer. How many boxes of cheese should be purchased?The table below shows the marginal benefit for various inputs. Assume that each level represents a $100 investment, and answer the following questions. (a) If you have an unlimited budget, how much would you spend on each input? Explain.(b) Now, assume you can spend a maximimum of $500. What would you spend on each inputnow? What order would you buy them in?(c) Finally, assume you can borrow as much as you want with an interest rate of 10%. How muchwill you borrow and how will you spend it if you have to pay back the loan within 1 year?Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.
- Please answer this specificly so o can understand how to do it. Thank you!Question 3 Person 1 can allocate her 8-hour day between the production of two goods A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient /State all that applies] Select one or more attainable unattainable efficient inefficient IIwhith practical examples distinguish between sacale of preference and opportunity cost